DEAL WATCH: Belmont Road GCB for $25 mil
By Tan Chee Yuen
/ The Edge Property |
On the market is a Good Class Bungalow (GCB) on Belmont Road with a price tag of $25 million ($1,562 psf). The double-storey house with a built-up area of some 7,200 sq ft has four bedrooms, including the master suite on the first level. The living room and dining area fronts the swimming pool and lawn. There is also a basement level that has been turned into an entertainment area. The house sits on a freehold land area of 16,327 sq ft, which includes a long, private driveway.
The house has been foreclosed by the bank and is therefore a mortgagee sale. It was put up for auction twice by Colliers International: On Jan 19, it had an opening price of $25.5 million; at the second auction on Feb 22, the opening price was $25 million. Both times, the property did not receive any bids and was withdrawn from the auction.
The GCB on Belmont Road is now available for sale by private treaty. The house was rebuilt in 2010 when the previous owner purchased it for $16 million ($980 psf), also in a private treaty deal. The swimming pool is still maintained weekly and the house is in good condition, according to Cassia Leong, a property agent with Dennis Wee Realty, who is marketing the property.
The house with a built-up area of around 7,200 sq ft has four bedrooms
The latest GCB transaction at Belmont Road was almost two years ago, when a property sitting on a 31,129 sq ft freehold site fetched $44.19 million ($1,420 psf), according to a caveat lodged in June 2015.
There have been three GCB transactions to date this year. All were above the $20 million mark, with the highest absolute quantum achieved when property giant Far East Organization purchased a 39,224 sq ft GCB site at King Albert Park for $43.8 million ($1,117 psf).
This article appeared in The Edge Property Pullout, Issue 771 (Mar 20, 2017) of The Edge Singapore.
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